PULMO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PULMO
Largest movements
- Tangible fixed assets +€173,643
up €173,643 (+40.4%), from €429,943 to €603,586
of which Land and buildings: +€196,541
- Receivables within one year -€119,292
down €119,292 (-93.2%), from €127,959 to €8,666
of which Other amounts receivable: -€119,292
- Debts after one year -€1.1m
down €1.1m (-71.6%), from €1.5m to €424,189
- Other debts +€982,140
up €982,140 (+491.1%), from €200,000 to €1.2m
- Profit (loss) carried forward +€133,396
up €133,396 (+2.0%), from -€6.8m to -€6.7m
- Tax, wage and social debts +€20,964
up €20,964 (+698.8%), from €3,000 to €23,964
- Current portion of long-term debt -€6,452
down €6,452 (-5.3%), from €122,269 to €115,817
- Taxes +€194,378
up €194,378, from -€153,414 to €40,964
- Gross operating margin +€176,281
up €176,281 (+138.5%), from €127,274 to €303,554
- Depreciation +€17,359
up €17,359 (+29.9%), from €58,105 to €75,464
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €568,959 | €626,260 | +€57,300 | +10.1% |
| Fixed assets | 21/28 | €429,943 | €603,586 | +€173,643 | +40.4% |
| Tangible fixed assets | 22/27 | €429,943 | €603,586 | +€173,643 | +40.4% |
| Land and buildings | 22 | €294,763 | €491,304 | +€196,541 | +66.7% |
| Plant, machinery and equipment | 23 | €12,973 | €6,578 | -€6,396 | -49.3% |
| Furniture and vehicles | 24 | €122,207 | €105,704 | -€16,503 | -13.5% |
| Current assets | 29/58 | €139,017 | €22,674 | -€116,343 | -83.7% |
| Amounts receivable within one year | 40/41 | €127,959 | €8,666 | -€119,292 | -93.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €127,959 | €8,666 | -€119,292 | -93.2% |
| Cash at bank and in hand | 54/58 | €7,791 | €14,008 | +€6,217 | +79.8% |
| Deferred charges and accrued income | 490/1 | €3,268 | €0 | -€3,268 | -100.0% |
| Total equity and liabilities | 10/49 | €568,959 | €626,260 | +€57,300 | +10.1% |
| Equity | 10/15 | -€1,258,964 | -€1,125,568 | +€133,396 | +10.6% |
| Contributions | 10/11 | €5,208,397 | €5,208,397 | = | 0.0% |
| Reserves | 13 | €332,539 | €332,539 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,568 | €3,568 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,568 | €3,568 | = | 0.0% |
| Distributable reserves | 133 | €328,971 | €328,971 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,799,900 | -€6,666,504 | +€133,396 | +2.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €1,827,923 | €1,751,828 | -€76,095 | -4.2% |
| Amounts payable after more than one year | 17 | €1,492,295 | €424,189 | -€1.1m | -71.6% |
| Financial debts | 170/4 | €1,492,295 | €424,189 | -€1.1m | -71.6% |
| Amounts payable within one year | 42/48 | €333,728 | €1,325,739 | +€992,011 | +297.3% |
| Current portion of amounts payable after more than one year | 42 | €122,269 | €115,817 | -€6,452 | -5.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,459 | €3,818 | -€4,640 | -54.9% |
| Suppliers | 440/4 | €8,459 | €3,818 | -€4,640 | -54.9% |
| Taxes, remuneration and social security | 45 | €3,000 | €23,964 | +€20,964 | +698.8% |
| Taxes | 450/3 | €3,000 | €23,964 | +€20,964 | +698.8% |
| Other amounts payable | 47/48 | €200,000 | €1,182,140 | +€982,140 | +491.1% |
| Accrued charges and deferred income | 492/3 | €1,900 | €1,900 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,105 | €75,464 | +€17,359 | +29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,352 | €6,599 | +€247 | +3.9% |
| Gross operating margin | 9900 | €127,274 | €303,554 | +€176,281 | +138.5% |
| Operating profit (loss) | 9901 | €62,816 | €221,491 | +€158,675 | +252.6% |
| Financial income | 75/76B | €260 | €0 | -€260 | -100.0% |
| Recurring financial income | 75 | €260 | €0 | -€260 | -100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €45,864 | €47,131 | +€1,267 | +2.8% |
| Recurring financial charges | 65 | €45,864 | €47,131 | +€1,267 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €17,212 | €174,359 | +€157,148 | +913.0% |
| Income taxes | 67/77 | -€153,414 | €40,964 | +€194,378 | |
| Profit (loss) for the period | 9904 | €170,626 | €133,396 | -€37,230 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €170,626 | €133,396 | -€37,230 | -21.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.